KEY EVENTS TO WATCH FOR:

Monday, February 20, 2023  

N/A               U.S. Presidents Day / Washington's Birthday. Financial markets closed

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The Dow closed higher on Friday as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 33,629.02 would signal that a short-term top has been posted. If the Dow renews the rally off the January 20^th low, December's high crossing at 34,712.28 is the next upside target. First resistance is January's high crossing at 34,342.32. Second resistance is the December 13^th high crossing at 34,712.28. First support is the 50-day moving average crossing at 33,629.02. Second support is the January 5^th low crossing at 32,812.33. 

The March NASDAQ 100 closed lower on Friday as it extends this month's trading range. The mid-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible. Closes below the February 10^th low crossing at 12,243.25 would signal that a short-term top has been posted. If March renews the rally off January's low, the 75% retracement level of the August-October decline crossing at 13,058.13 is the next upside target. First resistance is February's high crossing at 12,934.50. Second resistance is the 75% retracement level of the August-October decline crossing at 13,058.13. First support is the February 10^th low crossing at 12,243.25. Second support is the 50-day moving average crossing at 11,752.38.   

The March S&P 500 closed lower on Friday. The high-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 4060.75 would mark a downside breakout of this month's trading range while opening the door for a possible test of the 50-day moving average crossing at 3997.39. If March resumes the rally off December's low, the 87% retracement level of the August-October decline crossing at 4255.15 is the next upside target. First resistance is February's high crossing at 4208.50. Second resistance is the 87% retracement level of the August-October decline crossing at 4255.15. First support is last-Friday's low crossing at 4060.75. Second support is the 50-day moving average crossing at 3997.39.        

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March T-bonds closed up 11/32's at 125-29. 

March T-bonds closed higher on Friday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 62% retracement level of the October-January rally crossing at 123-12 is the next downside target. Closes above the 50-day moving average crossing at 129-00 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 129-00. Second resistance is February's high crossing at 132-22. First support is the 50% retracement level of the October-January rally crossing at 125-07. Second support is the 62% retracement level of the October-January rally crossing at 123-12.

March T-notes closed up 50-pts. at 112.015.

March T-notes closed higher on Friday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 75% retracement level of the October-January rally crossing at 110.309 is the next downside target. Closes above Tuesday's high crossing at 113.175 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 113.175. Second resistance is the 50-day moving average crossing at 113.299. First support is the 75% retracement level of the October-January rally crossing at 110.309. Second support is the 87% retracement level of the October-January rally crossing at 110.035.  

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April crude oil closed lower on Friday as it extended the decline off Monday's high. The mid-range close sets the stage for a steady to lower opening when Tuesday's day session begins. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes below last-Thursday's low crossing at $76.76 would open the door for a test of February's low crossing at $72.64. If April resumes the rally off February's low, January's high crossing at $82.89 is the next upside target. First resistance is January's high crossing at $82.89. Second resistance is the November 14^th high crossing at $86.05. First support is today's low crossing at $75.32. Second support is last-Monday's low crossing at $72.64. 

April heating oil closed lower on Friday as it extends this week's decline. The mid-range close sets the stage for a steady to lower opening when Tuesday's day trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews the decline off January's high, the 50% retracement level of the 2020-2022 rally crossing at $2.4732 is the next downside target. Closes above the 50-day moving average crossing at $2.9229 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $2.9229. Second resistance is February's high crossing at $3.0487. First support is February's low crossing at $2.6350. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.4732. 

April unleaded gas closed lower on Friday. The high-range close sets the stage for a steady to slightly lower opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.5698 would open the door for a possible test of February's low crossing at 2.4671. Closes above Monday's high crossing at 2.7303 would renew the rally off February's low while opening the door for additional gains near-term. First resistance is Monday's high crossing at 2.7303. Second resistance is January's high crossing at $2.7186. First support is the 50-day moving average crossing at 2.5698. Second support is February's low crossing at 2.4671.  

April Henry natural gas closed lower on Friday as it posted a downside breakout of the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signal that sideways to lower prices are possible near-term. Closes above the February 1^st high crossing at 2.836 would signal that a short-term low has been posted. If April resumes the decline off November's high, the December-2020 low on the monthly continuation chart crossing at 2.238 is the next downside target.First resistance is the February 1^st high crossing at 2.836. Second resistance is the January 24^th high crossing at 3.256. First support is today's low crossing at 2.304. Second support is the December-2020 low on the monthly continuation chart crossing at 2.238.

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The March Dollar closed slightly lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, January's high crossing at $105.500 is the next upside target. Closes below the 20-day moving average crossing at 102.612 would signal that a short-term top has been posted. If March renews the decline off September's high, the 87% retracement level of the January-September rally crossing at $99.229 is the next downside target. First resistance is today's high crossing at $104.605. Second resistance is January's high crossing at $105.500. First support is the 20-day moving average crossing at 102.612. Second support is February's low crossing at $100.680.  

The March Euro closed slightly higher on Friday as it extended the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, January's low crossing at $1.05290 is the next downside target. Closes above the 20-day moving average crossing at $1.08203 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.08203. Second resistance is February's high crossing at $1.10590. First support is today's low crossing at $1.06265. Second support is January's low crossing at $1.05290. 

The March British Pound closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold, diverging and are neutral to bearish signaling sideways to lower prices are possible near-term. If March renews January's decline, January's low crossing at 1.1861 is the next downside target. Closes above the 20-day moving average crossing at 1.2204 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2204. Second resistance is January's high crossing at 1.2462. First support is today's low crossing at 1.1920. Second support is January's low crossing at 1.1861. 

The March Swiss Franc closed slightly lower on Friday while extending the December-February trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower trading is possible near-term. If March renews the decline off February's high, January's low crossing at 1.06915 is the next downside target. Closes above Tuesday's high crossing at 1.09750 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 1.09750. Second resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. First support is today's low crossing at 1.07385. Second support is the January 6^th low crossing at 1.06915. 

The March Canadian Dollar closed lower on Friday and below the 50-day moving average crossing at 74.24 would confirm that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 74.26 confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March extends this week's decline, January's low crossing at 73.10 is the next downside target. Closes above the 20-day moving average crossing at 74.77 would signal that a short-term low has been posted. First resistance is the February 2^ndhigh crossing at 75.42. Second resistance is November's high crossing at 75.71. First support is today's low crossing at 73.88. Second support is January's low crossing at 73.10.

The March Japanese Yen closed slightly lower on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday’s day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 50% retracement level of the October-January rally crossing at 0.073136 is the next downside target. Closes above the 20-day moving average crossing at 0.076558 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.076238. Second resistance is the 20-day moving average crossing at 0.076558. First support is the 38% retracement level of the October-January rally crossing at 0.074563. Second support is the 50% retracement level of the October-January rally crossing at 0.073136.   

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April gold closed unchanged on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the 50% retracement level of the November-February rally crossing at 1811.60 is the next downside target. Closes above the 20-day moving average crossing at 1903.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1903.50. Second resistance is February's high crossing at $1975.20. First support is today's low crossing at $1827.70. Second support is the 50% retracement level of the November-February rally crossing at $1811.60. 

March silver closed slightly higher on Friday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 62% retracement level of the September-February rally crossing at 20.326 is the next downside target. Closes above the 20-day moving average crossing at 22.795 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 21.982. Second resistance is the 20-day moving average crossing at 22.795. First support is the 50% retracement level of the September-February rally crossing at 21.177. Second support is the 62% retracement level of the September-February rally crossing at 20.326. 

March copper posted an inside day with a lower close on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.1298 would open the door for additional gains near-term. Closes below the 50-day moving average crossing at 4.0080 would open the door for additional weakness and a possible test of the 38% retracement level of the September-January rally crossing at 3.9285. First resistance is the 20-day moving average crossing at 4.1298. Second resistance is the January 18^th high crossing at 4.3550. First support is the 50-day moving average crossing at 4.0080. Second support is the 38% retracement level of the September-January rally crossing at 3.9285.  

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March Corn closed up $0.01 3/4-cents at $6.77 3/4. 

March corn closed higher on Friday as it consolidated some of the decline off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $6.69 1/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off January's low, the 75% retracement level of the October-December decline crossing at $6.92 1/2 is the next upside target. First resistance is the January 18^th high crossing at $6.88 3/4. Second resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. First support is last-Friday's low crossing at $6.69 1/4. Second support is the 50-day moving average crossing at $6.68 1/4. 

March wheat closed up a $0.00 1/2-cents at $7.65 1/2.  

March wheat closed higher on Friday as it consolidated some of the decline off Tuesday's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $7.55 1/2 would signal that a short-term top has been posted. If March resumes the rally off January's low, the 38% retracement level of the October-January decline crossing at $8.07 1/2 is the next upside target. First resistance is the December 30^th high crossing at $7.99. Second resistance is the 38% retracement level of the October-January decline crossing at $8.07 1/2. First support is the 50-day moving average crossing at $7.55 1/2. Second support is January's low crossing at $7.12 1/2. 

March Kansas City Wheat closed up $0.08-cents at $9.06 1/2.

March Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $8.79 would signal that a short-term top has been posted. If March extends the rally off January's low, the 62% retracement level of the October-January decline crossing at $9.45 is the next upside target. First resistance is the 50% retracement level of the October-January decline crossing at $9.17 3/4. Second resistance is the 62% retracement level of the October-January decline crossing at $9.45. First support 20-day moving average crossing at $8.79. Second support is the January 23rd low crossing at $8.11.  

March Minneapolis wheat closed unchanged crossing at $9.30 1/4.

March Minneapolis wheat closed unchanged on Friday. The mid-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $9.16 1/4 would signal that a short-term top has been posted. If March extends the rally off January's low, the 38% retracement level of the October-January decline crossing at $9.40 1/2 is the next upside target. First resistance is Tuesday's high crossing at $9.36 1/4. Second resistance is the 38% retracement level of the October-January decline crossing at $9.40 1/2. First support is the 50-day moving average crossing at $9.16 1/4. Second support is January's low crossing at $8.85. 

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March soybeans closed up $0.00 3/4-cents at $15.27 1/4.

March soybeans closed fractionally higher on Friday as they consolidated some of the decline off Monday's high. The low-range close sets the stage for a steady to fractionally higher opening when Tuesday's day trade begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $15.05 1/4 would signal that a short-term top has been posted. If March extends this year's rally, last-June's high crossing at $15.72 1/4 is the next upside target.First resistance is Monday's high crossing at $15.55 1/2. Second resistance is last-June's high crossing at $15.72 1/4. First support is the 50-day moving average crossing at $15.05 1/4. Second support is the January 25^th low crossing at $14.78 1/4.  

March soybean meal closed down $0.30 at $490.50. 

March soybean meal closed slightly lower on Friday as it consolidated some of this week's decline.  The low-range close sets the stage for a steady to slightly lower opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $485.50 would signal that a short-term top has been posted. If March renews the rally off January's low, monthly resistance on the continuation chart crossing at $513.90 is the next upside target. First resistance is Monday's high crossing at $508.20. Second resistance is monthly resistance the monthly continuation chart crossing at $513.90. First support is the 20-day moving average crossing at $485.50. Second support is the 50-day moving average crossing at $471.70.

March soybean oil closed down 39-pts. At 61.51. 

March soybean oil closed lower on Friday as it consolidated some of the rally off February's low. The mid-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 62.22 would open the door for a larger-degree rally near-term. If March renews the decline off the December 27^th high, the 87% retracement of the July-November-2022 crossing at 56.49 is the next downside target. First resistance is the 50-day moving average crossing at 62.22. Second resistance is February's high crossing at 62.46. First support is February's low crossing at 58.43. Second support is the 87% retracement of the July-November-2022 crossing at 56.49. 

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April hogs closed down $0.43 at $85.35. 

April hogs closed lower on Friday as it consolidated some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April resumes the decline off December's high, the 75% retracement level of the 2021-2022 rally crossing at $81.15 is the next downside target. Closes above the January 27^th high crossing at $88.33 would signal that a short-term trend change has taken place. First resistance is the January 27^th high crossing at $88.33. Second resistance is the 50-day moving average crossing at $88.96. First support is February's low crossing at $81.28. Second support is the 75% retracement level of the 2021-2022 rally crossing at $81.15.  

April cattle closed up $0.63 at $164.70. 

April cattle closed higher on Friday as it extends the rally off September's low. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, the November-2014 on the monthly continuation chart crossing at $171.65 is the next upside target. Closes below the 20-day moving average crossing at $163.19 would signal that a short-term top has been posted. First resistance is today's high crossing at $165.40. Second resistance is the November-2014 on the monthly continuation chart crossing at $171.65. First support is the 20-day moving average crossing at $163.19. Second support is the 50-day moving average crossing at $161.57.    

March Feeder cattle closed up $0.30 at $186.53. 

March Feeder cattle closed higher on Friday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $185.14 would signal that a short-term top has been posted. If March renews the rally off January's low, the 87% retracement level of the August-October-2022 decline crossing at $190.38 is the next upside target. First resistance is last-Tuesday's high crossing at $188.58. Second resistance is the 87% retracement level of the August-October-2022 decline crossing at $190.38. First support is the 50-day moving average crossing at $185.14. Second support is February's low crossing at $182.70.       

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March coffee closed sharply higher on Friday and tested the 50% retracement level of the August-January decline crossing at $18.91 as it extended the rally off January's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are poised to turn neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off January's low, the 62% retracement level of the August-January decline crossing at $20.02 is the next upside target. Closes below the 20-day moving average crossing at $17.40 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the August-January decline crossing at $18.91. Second resistance is the 62% retracement level of the August-January decline crossing at $20.02. First support is the 20-day moving average crossing at $17.40. Second support is the 50-day moving average crossing at $16.67. 

March cocoa closed higher on Friday and posted its highest price since 2-14-22. The low-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, last-February's high crossing at 27.86 is the next upside target. Closes below last-Friday's low crossing at 25.30 would confirm that a short-term top has been posted.                     

March sugar closed slightly lower on Friday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 21.07 would signal that a short-term top has been posted. If March extends the rally off January's low, monthly resistance crossing at 22.64 is the next upside target.     

March cotton closed lower on Friday while extends this week's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, December's low crossing at 78.80 is the next downside target. Closes above the 20-day moving average crossing at 85.18 would signal that a short-term low has been posted.